Pennsylvania Life Insurance

There are basically two types of Pennsylvania Life Insurance, Term Life insurance and Permanent Life insurance. See our Guides for detailed information about the differences between Pennsylvania Term Life Insurance and Pennsylvania Permanent Life insurance. No matter which you choose, Pennsylvania Life insurance is meant to provide your beneficiaries with the means to cover expenses and make up for the lack of your income. The State Department of Insurance oversees the sale of Pennsylvania Life Insurance, ensures that providers are properly licensed, and makes available certain guaranteed protections for Pennsylvania Life Insurance consumers.     

Why Do I Need Pennsylvania Life Insurance?

You may wonder why you even need Pennsylvania Life Insurance? Take a look at these figures.

Pennsylvania is ranked 31st out of 50 states and the District of Columbia in Life Expectancy, with a life expectancy of 76.7 years.  That breaks down as follows. For every 100,000 people in Pennsylvania, over 1,100 between the ages of 55 and 64 pass away every year. Between the ages of 65 and 74, that number more than doubles to nearly 2,400, and at 75 to 84 almost 6,000 Pennsylvanians die for every 100,000 residing in the state. More on mortality by age, sex and race, and the leading causes of death in Pennsylvania can be found at: http://www.cdc.gov/nchs/pressroom/data/Pennsylvania09.pdf

For more reasons why you should apply for Pennsylvania Life Insurance, and for help in finding the best kind of life insurance for your needs, at the best value, take a look at our Family Guide to Life Insurance.

Pennsylvania Life Insurance Specifics

The insurance industry in Pennsylvania is regulated by The State Insurance Code of Pennsylvania. The state uses this code to regulate claims and provide certain provisions to protect Pennsylvania Life Insurance consumers, such as:

Grace Period: Grace periods are provided to allow for some latitude when making monthly obligations such as a Pennsylvania Life Insurance premium. The Pennsylvania State insurance code requires that all Pennsylvania Life Insurance companies allow a 30-day grace period on late payments. If you miss a premium payment for any reason, you must be given 30 days to bring the account current before the insurer can cancel the policy for non-payment.

Free Look: If, after further review, you feel you have not purchased the life insurance plan that was best for your needs, a free look provision allows you to rethink your Pennsylvania Life Insurance requirements and cancel a policy even after you have signed the contract.

In most cases, you will have at least 10 days to cancel without penalty. Some Pennsylvania Life Insurance Companies will give you as many as 30 days to turn in a policy and receive a full refund. 

Death Benefit Processing: According to the State Code, Pennsylvania Life Insurance companies are required to process any death benefit claim as soon as possible. If all documentation is in order, this usually means within 60 days. Late settlements may be subject to accruing interest from the time that the death claim was made.

Pennsylvania Life Insurance companies are also protected to some degree by State Statutes. These regulations are put in place to prevent insurance fraud. Insurance fraud is a serious crime, and affects the rates everyone in the state pays for Pennsylvania Life Insurance. Insurance companies can challenge any information you put on a Pennsylvania Life Insurance application for up to 2 years. If any inconsistency or fraud is discovered, the life insurance policy may be terminated immediately, and you may be subject to criminal charges. One allowance is for discrepancy in age. Incorrect age information may be corrected without penalty at any time while the Pennsylvania State Life Insurance policy is in effect.

Pennsylvania Life Insurance State Resources

Pennsylvania Department of Insurance  - The purpose of the Department of Insurance is to faithfully execute the state insurance laws in a manner that protects insurance consumers and the Pennsylvania Life Insurance industry.
http://www.ins.state.pa.us/portal/server.pt/community/insurance_department/4679

Pennsylvania Life & Health Insurance Protection Association - State guaranty associations are there to provide protection and continuing Pennsylvania Life Insurance coverage, even in the event that a life insurance company becomes insolvent.
http://www.palifega.org/

Pennsylvania Life Insurance Company Ratings - These companies provide ratings for Pennsylvania Life Insurance Companies based on financial strength and past performance
http://www.ambest.com/
http://www2.standardandpoors.com

Related Information

Learn About Life Insurance in Ohio

Find out what you can expect when buying a life insurance policy in Ohio.

Read More

Steps for Claiming Term Life Insurance Benefits

How does term life insurance payout? Learn how to claim your financial benefits from a life insurance company.

Read More

When To Expect Your Life Insurance Payout

The average time it takes to receive a life insurance payout can vary, depending on the policy. Learn more in this article.

Read More

Life Insurance Payouts & Claims: How Do They Work?

In the event of the insured's death, a life insurance death benefit will be paid to the named beneficiary on the policy - provided a claim is filed.

Read More

What You Should Know About Life Insurance

Learn about life insurance’s basics: including the types of policies, their costs and benefits, and who needs coverage.

Read More

Life Insurance vs. Annuity Death Benefits

A life insurance policy and an annuity pay death benefits differently. A life insurance death benefit is usually not taxable, while an annuity benefit is.

Read More

Who Needs Life Insurance?

Do you need life insurance? If you’re considering buying a policy, you should first read this primer on life insurance policies.

Read More

Life Insurance | What's The Point?

Life insurance protects your loved ones from financial hardship if you die unexpectedly.

Read More

How Does Term Life Insurance Work?

Find out how term life insurance works and get more information on the different types of term life policies that are available.

Read More